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Selt-aeieating because they likely will not collect, at the same time that it is economically devastating on the companies’ struggling clients.
Miss your payment by a day, and you might never recover your financial equilibrium. Seems a bit harsh.
How hard is it to miss a day? Not very.
The new bill requires that banks send out your bill no later than 21 days before the due date. And the due date will heretofore last until the close of the business day at 5 p.m.
Card companies have gotten notorious for billing you without leaving sufficient time to pay, then hitting you with a late fee and, if they are so inclined, with those unsustainable new interest rates. Many companies apparently also consider that the day the bill is due ends after the morning mail is delivered. That makes afternoon arrivals late, subject to the same outrageous punishments.
Card companies will be forced to apply payments to the highest-interest debt first, which are typically cash advances. They will be prohibited from slapping on a fee for willingly letting you exceed your credit limit, without first getting your permission to allow that to happen.
We are entirely pleased with our lawmakers’ efforts to slap some sense into lending institutions that have grown so callous, ruthless and irresponsible.
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